Last month, when the Dallas Cowboys stuck rookie receiver Dez Bryant with a $54,896 tab at Pappas Bros. Steakhouse, the NFL Players’ Association--who are gearing up for a tumultuous round of negotiations in hopes of avoiding a lockout--took notice. Now, the whole fiasco is being held up as an example for rookies on how not to spend your money.
The NFLPA has teamed with the California-based financial-education firm Financial Finesse to create a contest called--and we’re not making this up--“Rookies - Carry the Pads! What you can buy for $54,896 (Besides A Steak Dinner at Pappas Bros.).”
The contest asks rookies to devise a plan for spending and or investing $54,896. The owner of the best response will win a reasonable $150 dinner for two.
The program also attempts to illustrate the enormity of the figure. Per the Palm Beach Post, rookies have been given these six alternatives for $54,896:
1. Condo in Tampa/St. Pete, fully furnished
2. 4 years college tuition at University of Texas at Dallas for your child
3. Funding for a foundation that changes the lives of inner city youth
4. Five months lockout insurance
5. Something else…
6. $1 million (deposit $54,896 and invest it for 37 years at 8% return)
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